Corn futures are trading slightly higher at midsession. Weather conditions are seen as ideal for the pollinating crop with mild temperatures and several chances of rain in the Corn Belt over the next week. However, the market is rebounding from recent losses in part by concerns about the late maturity of the crop that raises the threat of freeze damage later this growing season. USDA will update crop conditions and progress numbers this afternoon. September is 2 1/4 cents higher at $3.18 1/2 and December is 2 3/4 cents higher at $3.30.



Soybean futures are steady to lower at midday, led by new-crop months. Old-crop losses are being limited by tight supplies. But new-crop is lower on ideas of a big crop. Traders are expecting USDA to raise soybean acreage in the August crop report and forecasts into August call for mild temperatures and rain in the Midwest, which will benefit the crop during pod setting. August is unchanged at $10.21 and November is 5 3/4 cents lower at $9.09 1/4.



Wheat futures are trading higher at midsession. Spillover pressure from corn and soybeans initially weighed on futures. Sluggish export demand and ample wheat stocks globally along with generally favorable spring wheat growing conditions are also bearish factors. However, the rebound in corn has helped wheat prices turn higher as well. CBOT Sep is 3 1/4 cents higher at $5.19 1/2, KCBT Sep is 4 cents higher at $5.53 and MGE Sep is 3 1/2 cents higher at $5.95.



Cattle futures are lower at midday. The USDA reports on Friday are having little effect on the futures market. The Cattle on Feed report was viewed as slightly supportive with June marketings slightly above trade expectations while June placements were slightly below. But the market is lower on concern that beef prices have peaked and last week's disappointing cash trade. August is 40 cents lower at $84.13 and October is 25 cents lower at $89.50.



Lean hog futures are trading lower again at midsession. Technical selling and concern that pork cutout prices have topped are weighing on futures despite pork prices being up slightly on Friday. Cash hogs are called steady to lower as hog supplies are seen as adequate to meet packer demand. The market is moving toward technically oversold levels and could be due for a short-covering bounce soon. August is 75 cents lower at $58.30 and October is 80 cents lower at $53.78.